Reverse Tax Credit to Be Implemented in 2024/25 Fiscal Year

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says implementation of the reverse tax credit will be done in the 2024/25 fiscal year.

Opening the Budget Debate in the House on March 12, Dr. Clarke said the initiative means that every registered taxpayer who earns $3 million or under will benefit from a reverse tax credit of $20,000.

Providing further details on the initiative during today’s (March 13) post-Cabinet press briefing, Dr. Clarke said it will be made available through an online platform to make the process secure and efficient.

“It will be a very simple process and it will be an online process. We can’t have 570,000 people walking into an office and doing paperwork, that would be far too inefficient,” the Minister said.

“It will be an online portal where you’ll put your information in and the funds will be sent to you. We are going to take some time to develop and put that system in place. We want it to be robust. We want to make sure it is not vulnerable to nefarious activities, and we want to make it such that it can last, so it can be used at a future time,” he added.

Dr. Clarke also indicated that a public education campaign would precede the implementation of the initiative and should commence in the first quarter of the fiscal year.

A total of 570,000 Jamaicans who contribute to the Jamaican society through statutory deductions, and some through personal income tax, will benefit from the measure.

The cost of the programme will be $11.4 billion.